- 1 LIC Bhavishya Jeevan Endowment Policy
- 1.1 plan-95
- 1.2 Introduction about LIC Bhavishya Jeevan Endowment Policy
- 1.3 LIC Bhavishya Jeevan Endowment policy Conditions
- 1.4 LIC Bhavishya Jeevan Endowment Policy Rebates
- 1.5 LIC Bhavishya Jeevan Endowment Policy Maturity Benefits
- 1.6 LIC Bhavishya Jeevan Endowment Policy Death Benefits
- 1.7 LIC Bhavishya Jeevan Endowment Policy Guaranteed Surrender Value
- 1.8 Riders Available
- 1.9 LIC Bhavishya Jeevan Endowment Policy Loan Facility
- 1.10 Benefits Illustration OF LIC BHAVISHYA JEEVAN POLICY PLAN:
LIC Bhavishya Jeevan Endowment Policy
Introduction about LIC Bhavishya Jeevan Endowment Policy
In LIC Bhavishya Jeevan Endowment policy Plan No-95 Introduced on 1/9/1986 and Withdrawn on 15/7/2004. LIC Bhavishya Jeevan policy is a Special Endowment Assurance policy with Profits and with the facility to pay higher premiums initial 5 years and reduced premiums in later years. Bhavishya Jeevan Plan is a with-profit plan.It is an Ideal plan for professionals who have a limited span of high income like film artists,politiciansand pilots etc.
Here in LIC Bhavishya Jeevan Plan the Premium comes down significantly after first 5 years.The premium during the first five years will be three times the premium payable thereafter. Policy paying term will be 15,20 and 25 years only.Policy is issued for the age group of 12 to 50 years.
LIC Bhavishya Jeevan Endowment policy Conditions
Eligibility for the Plan:
Age at Entry – Minimum 12 Years Maximum 60 years NBD
Maximum Maturity age -70 years
Policy terms – 15,20,25 years only.
Sum assured : – Minimum – 30000 from 1/4/2003 to 31/5/2004
50000 from 1/6/2004
Maximum – No restriction
Mode of payment : Mode of payment can be done Yearly, Half-yearly, Quarterly,
- Male lives and female lives cat I, II, III are allowed.
- Plan is allowed to all classes of EMR.
- EMR extra will be as per plan 14.
- Plan is allowed under NMG and NMS.
- Non-standard age proof is allowed sub to maximum maturity age 65 years.
- Persons having deformity and persons engaged in hazardous occupation are
allowed as per restrictive clause.
LIC Bhavishya Jeevan Endowment Policy Rebates
Rebate means Discount on premium. There are 2 rebates in this policy one is Mode Rebate and another is Sum Assured Rebate.
1.Mode Rebate: Rebate given based on premium payment mode chosen
|Premium Payment Mode||Percentage|
|Yearly||3% of tabular premium|
|Half-yly||1.5% of tabular premium|
Sum Assured Rebate: High Sum assured Rebate Based on Sum assured means Policy Value.
|Year||Rebate per Rs. 1000 /- Sum Assured|
|Upto 30/10/2003||25,000 to 49999 ->Rs. 1/- per 1000 SA 50,000 & above -> Rs 2/- per 1000 SA|
|From1/11/2003to…………….||Upto 50000 -> nil50,001 to 1,00,000 -> Rs.1/- per 1000 SA1,00,001 & above -> Rs2/- per 1000 SA|
LIC Bhavishya Jeevan Endowment Policy Maturity Benefits
Maturity Claim is one of the most common types of claims, Where Maturity Claim is associated with the Maturity Benefit .
The sum Assured along with guaranteed additions and reversionary bonus
Maturity Claim mainly categorized into two:
1. INFORCE/ FULLY PAID UP/ SINGLE PREMIUM POLICIES:
Policies which are in full force as on date of maturity or where premiums have been paid for full premium paying term, then on date of maturity,
= full sum assured +vested bonus (is the bonus given by the insurer to the policyholder after ascertaining its assets and liabilities) is payable.
2.PAID UP POLICY:
LIC Bhavishya Jeevan policy requires the consumer to pay a premium until a specific date and after that date the policy is considered paid up and still active.The policy cannot be canceled by the insurance company unless the consumer chooses to cancel it.
paid up value + vested bonus is payable.
No interim or FAB is payable. However, if any premiums have not been paid during the last policy year of premium paying term, then maturity claim should be settled for full .
sum assured + vested bonus after deducting the o/s premiums with interest only.
Discounting value of maturity claim is allowed.
LIC Bhavishya Jeevan Endowment Policy Death Benefits
The Death Claim amount is payable in case of policies where the premiums are paid up-to-date .
sum assured + bonus – o/s premiums up to policy year of death .
outstanding premiums with interest upto date of death and further policy anniversary premiums should be deducted. Bonus is to be calculated accordingly .
Under paid up cases,
paid up value + vested bonus is payable.
LIC Bhavishya Jeevan Endowment Policy Guaranteed Surrender Value
Guaranteed Surrender value is one of the feature in Bhavishya Jeevan policy.The policy may be surrendered after it has been in force for 3 years or more.The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. In case of a single premium
policy the guaranteed surrender value is 90% of the single premium paid excluding any extra premium. If they failed to pay at least 3 years the GSV will be 30% of the premium paid excluding premium for the 1st year and there will no other extra benefits.
For example : if we paid 20,000 for 2 years only instead of 3 years GSV will be 30% of the premiums paid excluding premium for the 1st year .Such that we will get Only 6,000.
Two types of Riders are there :
1.Accident Benefit/epdb(Extended Permanent Disability Benefit):
Accident benefit is available under this plan. The death occurs due to Accident he will get double the Sum Assured.
If you are above 18 years of age, you may opt for Accident Benefit equal to the amount of life cover subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (taken all policies with LIC of India and other insurers.) In case of death due to an accident, an additional sum equal to Accident Benefit Sum Assured shall be payable.
2.Term Assurance Rider: There is no Term Assurance Rider in this plan.
LIC Bhavishya Jeevan Endowment Policy Loan Facility
Loan is available as per regular terms and conditions.
Paid Up Value
After paying at least 3 full years premium, policy will acquire paid up value which
will be calculated as : = amount of premium paid x sum assured of Amount of total premium payable .
Benefits Illustration OF LIC BHAVISHYA JEEVAN POLICY PLAN:
If Naveen chooses a LIC Bhavishya Jeevan policy and his age 20 at entry of policy.
Basic Sum Assured + vested bonus
Basic Sum Assured + vested bonus upto that year
Death due to accident
Double Sum Assured + Bonus
Finally Bhavishya Jeevan Plan is an Endowment Assurance policy with the facility to pay higher premiums initially and smaller amounts in later years.
TABULAR ANNUAL PREMIUM PER 1000 SUM ASSURED UNDER BHAVISHYA JEEVAN PLAN-95
|A||POLICY TERM UNDER PLAN 95|
|15 YEARS||20 YEARS||25 YEARS|
|Premiumduring first 5 years||Premiumspayable for balance term||Premiumduring first 5 years||Premiumspayable for balance term||Premiumduring first 5 years||Premiumspayable for balance term|
PREMIUM FOR THE AGE 12,13,AND 14 YEARS WILL BE OF 15 YEARS ONLY CLASS I EXTRA RATES WILL BE AS PER ENDOWMENT PLAN 14
CLASS I EXTRA PREMIUM FOR SUB-STANDARD LIVES FOR RS. 1000 SUM ASSURED UNDER PLAN 95